Philip Morris International Inc. (NYSE:PM)

Price to Earnings (P/E) Ratio

The Price to Earnings ratio exhibits a generally upward trend over the analyzed periods. Beginning at around 17.03, it fluctuates moderately in the early quarters but starts to increase more noticeably from 2023 onwards. By the end of the period, the P/E ratio reaches higher values, peaking at 34.84 before slightly decreasing to 28.44. This upward movement suggests that the market valuation relative to earnings has been rising, indicating increased investor expectations or a premium valuation on the company’s earnings in recent years, especially in the latter quarters.

Price to Operating Profit (P/OP) Ratio

The Price to Operating Profit ratio follows a similar pattern with some differences in magnitude and timing. Initial values start near 11.95, with minor volatility but a slight increase in the later part of 2021 and early 2022. From 2023, a more pronounced rise is observed, with the ratio moving from approximately 13.05 to a peak of 19.04 around late 2024, before a slight drop towards the end of the period at 16.6. This indicates that the market's valuation based on operating profit has increased, possibly reflecting improvement in operating profits or higher expectations thereof.

Price to Sales (P/S) Ratio

The Price to Sales ratio shows a more variable but upward trajectory as well. Initially around 5.06, it declines modestly through 2021 and 2022, reaching lows near 3.93. From early 2023, the ratio begins a consistent ascent, climbing to about 6.9 by late 2024, followed by a slight decrease towards 6.14 at the end of the dataset. This pattern implies that the market valuation relative to sales decreased initially but then recovered strongly, suggesting improved market perception relative to the company’s revenue generation capacity.

Price to Book Value (P/BV) Ratio

No data is available for the Price to Book Value ratio, therefore no analysis can be conducted for this metric.

Overall Observations

The financial valuation multiples for the company generally depict increasing market valuations relative to earnings, operating profits, and sales over the observed periods, particularly accelerating from 2023 onwards. This trend may reflect enhanced investor confidence, better performance expectations, or changing market conditions favoring the company. The gradual rise in P/E and P/OP ratios suggests that profitability measures are increasingly valued, while the P/S ratio recovery after an initial dip indicates strengthening top-line expectations. The absence of Price to Book Value data limits analysis from a balance sheet valuation perspective.

The financial data reveals several notable trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the examined quarterly periods.

Share Price

The share price exhibits fluctuations with an overall upward trajectory from March 2021 through September 2025. Initial values in 2021 range around the mid-90s US dollars, dipping below 90 in some quarters of 2022 and 2023. Starting in the first quarter of 2024, the trend shows a pronounced increase, peaking at 170.07 US dollars by March 2025. Despite a slight pullback in mid-2025, the share price remains significantly higher compared to the early periods.

Earnings Per Share (EPS)

EPS remains relatively stable, oscillating between approximately 4.5 and 6.3 US dollars across the time span. The highest EPS occurs in the third quarter of 2024 at 6.32 US dollars, with a notable dip to 4.54 US dollars in the fourth quarter of 2024. There is a tendency for modest decline in EPS from 2021 to early 2023, followed by a recovery and some volatility in subsequent quarters. Despite fluctuations, EPS does not portray a consistent upward or downward trend but reflects moderate variability.

Price-to-Earnings (P/E) Ratio

The P/E ratio moves in a wider range from about 15.87 to 34.84. Early periods generally show values around 16 to 18, indicating relatively stable valuation multiples. Starting in late 2024, the P/E ratio increases sharply, reaching a peak of 34.84 in the third quarter of 2025. This elevation suggests that the share price growth has outpaced EPS changes, resulting in higher valuation multiples. The spike in P/E ratio may imply heightened investor expectations or market optimism despite the relatively stable EPS figures.

In summary, the share price shows strong appreciation especially from 2024 onward, while EPS remains comparatively stable with minor fluctuations. The significant rise in the P/E ratio in the last year of the data suggests increasing market valuation relative to earnings, possibly driven by future growth expectations or other external market factors. The decoupling of the share price increase from the more stable EPS trend warrants attention for potential valuation risks or opportunities.

Share Price Trend

The share price demonstrates moderate fluctuations with an overall upward trajectory across the periods analyzed. Starting at $94.51, it initially rose to a peak of $107.96 by the end of 2021, then experienced volatility and a minor decline in early 2023. From mid-2023 onwards, a pronounced upward trend is observed, culminating in a significant increase to $170.07 by the end of 2024 before experiencing a slight decline but maintaining elevated levels around $157 by the third quarter of 2025.

Operating Profit Per Share (OPPS) Trend

Operating profit per share remained relatively stable in the early periods, with minor fluctuations around the $8 mark throughout 2021 and 2022. A slight dip is evident in early 2023, followed by a consistent upward trend from mid-2023 onward. By the third quarter of 2025, OPPS reaches its highest point in the dataset at $9.49, indicating improving profitability on a per-share basis over time.

Price-to-Operating Profit Ratio (P/OP)

The price-to-operating profit ratio displays variability, beginning near 12 and fluctuating throughout the periods. Notably, from 2023 onward, the ratio tends to increase, peaking at 19.04 in late 2024. This rise suggests that the market valuation per unit of operating profit increased substantially during this period. A subsequent decline to around 16.6 by the third quarter of 2025 indicates some moderation in valuation, yet the ratio remains above earlier years' levels.

Summary of Insights

The data portrays a company exhibiting resilience and growth in its financial performance, as reflected by the increasing operating profit per share in the later periods. Share price appreciation aligns with this improvement, although it shows notable volatility. The rising price-to-operating profit ratio through 2024 suggests heightened investor confidence or market optimism, which somewhat moderated but remained elevated into 2025. These trends collectively imply a strengthening operational earnings base accompanied by representing market valuation shifts over the analyzed timeframe.

Share Price Trend

The share price exhibited fluctuations with an overall upward trajectory from the beginning of the period to the end. Starting near $94.51, it experienced some volatility with notable dips and recoveries. A significant increase occurred from early 2024, where the price rose from approximately $95 to over $170 by the first quarter of 2025. Despite some intermittent decreases, such as in mid-2025, the general trend indicates strong appreciation in market value over the analyzed quarters.

Sales Per Share Trend

Sales per share showed a consistent and steady increase throughout the period. Beginning at $18.69, there was a gradual rise each quarter, reaching $25.69 by the last reported quarter in 2025. This steady improvement suggests a continuous growth in the company's revenue generation capability on a per-share basis, reflecting potentially increasing sales volumes or pricing power.

Price-to-Sales (P/S) Ratio Trend

The P/S ratio fluctuated over the periods, initially ranging between approximately 4.38 and 5.33 until the end of 2022. Following this, there was a decline to a low near 3.93 in late 2023, indicating a potential undervaluation relative to sales at that point. However, from early 2024 onward, the ratio increased significantly, peaking close to 6.9 in late 2024, before slightly declining to around 6.14 by the end of the observation period. This pattern could reflect changing investor sentiment, with valuation premiums expanding as the share price growth outpaced sales growth.

Overall Insights

The data reveals a company exhibiting solid underlying sales growth per share accompanied by an appreciating share price, especially marked in the latter part of the timeline. The increasing P/S ratio during 2024 and into 2025 suggests growing investor confidence or higher expectations for future profitability beyond current sales. The interplay between steady sales improvement and more volatile share price movements indicates that market valuation has become more optimistic over time, potentially driven by factors such as improved financial performance, market conditions, or strategic initiatives. Monitoring whether sales growth can sustain pace with valuation multiples will be critical for assessing future performance stability.

The analysis of the quarterly financial data reveals several trends in share price and book value per share (BVPS) for the period under review.

Share Price

The share price demonstrated notable fluctuations throughout the periods. Initially, from March 31, 2021, to December 31, 2021, the share price increased overall from $94.51 to $107.96, showing a positive upward trend. In 2022, the share price experienced some volatility, dipping to a low of $89.54 in September before recovering to $102.36 by the end of the year. The first half of 2023 showed relative stability around the mid to high $80s and $90s, followed by a consistent upward trajectory beginning in early 2024 and peaking at $170.07 by March 31, 2025. Despite a slight correction afterward, the share price remained elevated compared to earlier periods. This overall progression suggests investor confidence improving significantly during the latter part of the timeline.

Book Value Per Share (BVPS)

The BVPS is negative throughout the entire period, indicating a consistent deficit in equity relative to the number of shares outstanding. Despite this, BVPS shows some fluctuations without a clear directional trend. Early values start at -7.41 and fluctuate modestly, reaching -5.75 by March 2023, which suggests some improvement in equity base or asset valuation. However, this improvement was not sustained, as later periods show BVPS returning to more negative values, with -7.01 recorded by September 2025. These fluctuations imply continuing challenges with equity or retained earnings, possibly due to liabilities or aggressive share repurchases impacting book value.

Price-to-Book Value Ratio (P/BV)

This ratio is not provided, likely due to the negative book value, which makes the ratio less meaningful or not computable in standard terms. The persistent negative BVPS emphasizes complexities in evaluating valuation metrics based on book value.

In summary, the share price displays a general upward momentum, particularly strong in the latest periods, contrasting with persistently negative and fluctuating book value per share. This suggests that the market values the company positively despite accounting measures reflecting underlying equity deficits. The absence of Price-to-Book Value ratio calculations reaffirms the atypical financial structure reflected in the data.